S.970 - Federal Government - A bill to impose sanctions on Iran and on other countries for assisting Iran in developing a nuclear program, and for other purposes.

Iran Counter-Proliferation Act of 2007 - Amends the Iran Sanctions Act of 1996 to expand the definitions of "petroleum resources" and "person."

Expresses the sense of Congress concerning: (1) a variety of existing and proposed sanctions against Iran; and (2) mechanisms to assure a supply of nuclear fuel for peaceful means.

Subjects Russia to specified nuclear energy cooperation prohibitions unless the President certifies to Congress that: (1) Russia has suspended all nuclear assistance and transfers of advanced conventional weapons and missiles to Iran; or (2) Iran has verifiably dismantled all nuclear enrichment-related and reprocessing-related programs.

Subjects Iran to specified economic sanctions unless the President certifies to Congress that Iran has verifiably dismantled all nuclear enrichment-related and reprocessing-related programs.

Subjects, with respect to prohibited transactions with Iran, a parent company to penalties for violations committed by certain subsidiaries outside the United States that would be subject to prohibitions if committed inside the United States or by a U.S. person.

Amends the Internal Revenue Code to eliminate specified geological and geophysical expense amortization benefits if petroleum-related sanctions are imposed under the Iran Sanctions Act of 1996 on any member of an expanded affiliated group whose common parent is a foreign corporation. Revises the definition of "affiliated group."

Directs the President to reduce annual U.S. contributions to the International Bank for Reconstruction and Development (World Bank) based upon Bank amounts provided to entities and projects in Iran.

Authorizes appropriations for the Department of the Treasury's Office of Terrorism and Financial Intelligence.

Requires the Director of National Intelligence to submit to Congress an updated National Intelligence Estimate on Iran.

Authorizes the President to: (1) carry out exchange programs with the people of Iran; and (2) make voluntary grant-based contributions to the International Atomic Energy Agency (IAEA) for the establishment of an international nuclear fuel bank to maintain a reserve of low-enriched uranium in case of a disruption in the supply of reactor fuel by normal market mechanisms.

Sets forth specified Iran investment-related reporting requirements.